💰💰💰XRP tests resistance at $0.52 as Ripple devs propose XRP Ledger lending
Ripple sees XRP Ledger developers suggest blockchain-based direct lending without smart contracts.
XRP tries to break $0.52 resistance for the sixth day.
XRP holders watch SEC reply brief due May 6. Ripple (XRP) has struggled to close above $0.52 for five days due to sticky resistance. The SEC's response to Ripple's "expert testimony" filing was studied by XRP holders. The court's ruling on the SEC's $2 billion penalties and Ripple's $10 million counter is the next significant concern for traders.
XRP Ledger developers offer blockchain-based direct lending without smart contracts. Many XRP holders are interested in the proposition.
Ripple settles cross-border payments on the decentralized public blockchain XRP Ledger.
The complaint centers on the SEC's $2 billion fine and Ripple's $10 million counter.
The SEC must file its reply brief by May 6, which will likely be the last court submission before Judge Analisa Torres resolves the payment remittance firm's unregistered securities sale penalty.
Technical analysis: Ripple faces $0.52 barrier
Ripple struggles at $0.52. Five days without success, the cryptocurrency has tried to close above this level. The weekly XRP price could fall further. On April 8, the weekly chart signal line crosses over the Moving Average Convergence Divergence indicator, indicating a bearish crossover.
XRP recovered on April 22 as the MACD line crossed the signal line on the daily timeframe.
Weekly support for XRP is $0.4868.
Since mid-April, this level has supported XRP, making it crucial to recovery. A daily candlestick closure below this level could disprove recovery.
XRP meets resistance between $0.5310 and $0.5574, the 50% and 61.8% Fibonacci retracement levels of the April 9–13 fall. Weekly chart resistance is $0.5787.
If Ripple corrects, XRP may find support at $0.4868 (weekly support) and $0.4665 (April 19 low).
